Conveying Equipment Market to Witness Expansion
According to a research report by Stratview Research, Conveying equipment market is likely to grow from USD 43.79 billion in 2021 to USD 54.75 billion by 2028 at a steady CAGR of 3.14% during the forecast period of 2022-2028. The prime factor that is contributing to the demand for conveying equipment is the growing adoption of automation in various industries across the globe.
Research Methodology
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
Segments' Analysis
Based on the product type, the market is segmented as bulk handling equipment, unit handling equipment, and parts & attachments. The bulk handling equipment segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period, owing to the utility in conveying materials such as cement, coal, chemicals, and others.
Based on the application type, the market is segmented as durable manufacturing, food & beverage, general merchandise, mining & construction, transportation, and warehouse & distribution. The durable manufacturing segment accounted for the largest share by application in 2019, and is expected maintain its dominance over the forecast period triggered by the faster and efficient solution offered by such equipment thereby, improving productivity.
In terms of regions, Asia-Pacific is estimated to contribute for the largest market share during the forecast period. The Asia-Pacific’s market is expected to grow with a lucrative CAGR due to the rapid industrialization especially in food & beverages, e-commerce, and automotive sectors in countries such as India, China, Indonesia, South Korea, Thailand, and Malaysia. North America and Europe are also expected to offer sizeable market opportunities during the forecast period.
Leading Players Covered in the Conveying Equipment Market Report:
· Beumer Group GmbH & Co.
· Caterpillar Inc.
· Daifuku Co. Ltd.
· Fenner Group Holdings Ltd.
· Fives Group
· Flexlink
· Intelligrated, Inc.
· Jungheinrich AG
· Kardex Group
· Kion Group AG.
To develop better customer understanding, the team at Stratview Research employ a range of quantitative and qualitative market research approaches. This report aims to help the users make use of the available data in a way, that profits the business and leads to growth.
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Stratview Research is a global market research firm that delivers precise data and ground-breaking business study, helping organizations of all sizes make suitable decisions. We gather information for our clients, assisting them to address various challenges, and trends related to their market.
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